THE TERMINATION OF THE CORPORATE RELATIONS AS THE DISCIPLINARY AND ECONOMIC SANCTION AND THE CORPORATE RESPONSIBILITY FORM

Abstract

A company is a separate legal entity. It exists under the law in its own legal personality. It involves rights and responsibilities. The company is generally responsible for repaying company debts. But sometimes the responsible for the company’s debts can be imposed on the persons who manage the company. It’s the officials (directors, board members) and the shadow directors of the company.
Analysis of recent researches and publications. Last years the research of the persons managing joint stock company responsibility has become urgency. The Law of Ukraine «On Amendments to Some Legislative Acts of Ukraine on the Investors’ Protection» 2015 , the Law of Ukraine «On Amendments to Certain Legislative Acts of Ukraine Concerning the Definition of the Legal Entities Final Beneficiaries and Public Figures» 2014, recently were accepted in Ukraine. The legal opinion about the corporate relationship legal nature between the company and the persons entrusted with management of the company was developed by the Supreme Court of Ukraine. All this makes urgency the research of the grounds, order types and prosecution of the persons engaged in managing the company’s business activities. Target of research. The grounds, procedure and consequences of the chairman and / or member of the executive body’ powers termination or the suspension of the powers exercise are analyzed in the article. The termination relationship is one of the protecting way of the shareholders’ interests. The removal of the executives member of his duties under the Article 99 of the Civil Code of Ukraine is not the employee work removal according to the labor law. Grounds for the ermination of the Chairman and / or member of the executive body authorites are established by law, the charter and the contract with the chairman and / or the member of the executive board. Article’s main body. The Ukrainian corporate law that regulates the grounds and procedure of the corporate responsibility is аnalyzed. The corporate law rules have the priority over the labor rules that regulate relations between
the company and the officials of the company, even in the case of an employment agreement (contract) between the head or member the executive body and the company. A similar approach is common in the foreign practice. The corporate law the Canada, UK, France, Germany, USA, that regulating studied relations are analyzed Conclusions and prospects for the development. The termination of the сhairman and / or member of the executive board authority by the termination of the contract entail the termination of the corporate relations. The termination of the сorporate relations as the disciplinary and economic sanction and the corporate responsibility form is proposed to recognize.